Most companies nowadays are depending on online payroll services to reduce the hassle of calculating the salaries of employees. One of these software is QuickBooks Payroll which is available in three different plans including Payroll Basic, Enhanced Payroll, and Assisted Payroll. These are available for $29, $36, and $65.40 respectively. With software like this, you can easily manage the payroll of your company.
To know more about this, read this article till the end.
What is QuickBooks payroll service?
This is a subscription-based service that needs activation prior to using it. There are a number of payroll features in the software with which you can easily manage the finances of your company. In simple terms, we can say that it is your one-stop-shop if you are running a small-scale business. However, there is a piece of bad news for Mac users because the QuickBooks online or desktop software is not available for them. But, there is similar software with the same functionality i.e. Intuit Online Payroll.
Pre-requisites to set up Payroll
Here is the information that will let you have an insight on how you need to prepare yourself in order to get started with using QuickBooks Payroll for the first time. The information given below can be collected from someone you think will have it. It could be your previous payroll provider or you can search the records for the same. Apart from this, you can get the desired information from your account as well. Here is the list of details you will need:
- Company information
- Compensation and benefits
- Liability information
- Direct deposit
- Tax information
- Prior payrolls
Method to set up QuickBooks Desktop Payroll
The method given below is applicable to Payroll Basic and Enhanced subscriptions. So, before you set up your payroll wizard, you need to activate your payroll service:
Step 1- Activate the service
- Select Employees > Payroll > Install Payroll.
- You can also ask QuickBooks to activate your subscription.
- Now, go to the ‘Payroll License and Product Information’ page.
- Here, you need to provide all the information in the given fields.
- Now, you have to look for the QuickBooks Desktop Payroll license number.
- This is available inside the box on a sticker.
- This will help QuickBooks to identify and verify your subscription.
- After providing all the requested information, select ‘Continue’.
Once you activate your subscription, it is time to now to initiate the Payroll Setup Wizard and the process for the same is given in the next section.
Step 2- initiate the Payroll Setup Wizard
- Launch QuickBooks Desktop on your device.
- Then, click on the ‘Employees’ tab on the top.
- Now, scroll down in the drop-down to find and click on ‘Payroll Setup’.
- In the end, follow the instructions on ‘Payroll Setup Wizard’.
As soon as you complete the prompts on the wizard, you need to run the wizard and pay your employees on time without going through a complicated process. When you use it, you will realize that each calculation is accurate and needs no correction.